Common use of Independence of Major Phases, Sub-Phases and Vertical Improvements Clause in Contracts

Independence of Major Phases, Sub-Phases and Vertical Improvements. Subject to the Agency’s termination rights as set forth in Sections 3.6.1, 3.6.2, 16.3.3 and 16.4, the Parties expressly recognize and agree that (i) an Event of Default as to one Sub-Phase shall not by itself be the basis for an Event of Default for other Sub-Phases for which Developer or an Affiliate of Developer has obtained a Sub-Phase Approval, and (ii) an Event of Default for a Vertical Developer shall not be an Event of Default for Developer, an Affiliate of Developer or other Vertical Developers. Notwithstanding the foregoing, an Event of Default pertaining to the failure to Commence or to Complete Infrastructure in a Major Phase or Sub-Phase will be deemed an Event of Default for all future Major Phases for which there has not been a Major Phase Approval and all Sub-Phases for which there has not been a Sub-Phase Approval; provided, that this sentence shall not apply to a Major Phase or Sub-Phase that has been assigned to a Third Party pursuant to an Assignment and Assumption Agreement that was Approved by the Agency Director. Nothing in this Article 16 shall be deemed to supersede or preclude the rights and remedies of the City or the Agency to require compliance with any Approval, Authorization, or other entitlement granted for the development or use of the Major Phase, Sub- Phase or Vertical Improvement, which rights and remedies shall be in addition to the rights and remedies under this Article 16.

Independence of Major Phases, Sub-Phases and Vertical Improvements. Subject to the AgencyAuthority’s termination rights as set forth in Sections 3.6.13.8.1, 3.6.23.8.2, 3.8.3, 16.3.3 and 16.4, the Parties expressly recognize and agree that (i) an Event of Default as to one Sub-Phase shall not by itself be the basis for an Event of Default for other Sub-Phases for which Developer or an Affiliate of Developer has obtained a Sub-Phase Approval, Approval and (ii) an Event of Default for a Vertical Developer shall not be an Event of Default for Developer, an Affiliate of Developer or other Vertical Developers. Notwithstanding the foregoing, an Event of Default pertaining to the failure to Commence or to Complete Infrastructure and Stormwater Management Controls or Required Improvements in a Major Phase or Sub-Phase will be deemed an Event of Default for all future Major Phases for which there has not been a Major Phase Approval and all Sub-Phases for which there has not been a Sub-Phase Approval; , provided, that this sentence shall not apply to a Major Phase or Sub-Phase that has been assigned Transferred to a Third Party pursuant to an Assignment and Assumption Agreement that was Approved by the Agency Authority Director. Nothing in this Article 16 shall be deemed to supersede or preclude the rights and remedies of the City or the Agency Authority to require compliance with any Approval, Authorization, or other entitlement granted for the development or use of the Major Phase, Sub- Sub-Phase or Vertical Improvement, which rights and remedies shall be in addition to the rights and remedies under this Article 16.

Independence of Major Phases, Sub-Phases and Vertical Improvements. Subject to the AgencyAuthority’s termination rights as set forth in Sections 3.6.13.8.1, 3.6.23.8.2, 3.8.3, 16.3.3 and 16.4, the Parties expressly recognize and agree that (i) an Event of Default as to one Sub-Phase shall not by itself be the basis for an Event of Default for other Sub-Phases for which Developer or an Affiliate of Developer has obtained a Sub-Phase Approval, Approval and (ii) an Event of Default for a Vertical Developer shall not be an Event of Default for Developer, an Affiliate of Developer or other Vertical Developers. Notwithstanding the foregoing, an Event of Default pertaining to the failure to Commence or to Complete Infrastructure or Required Improvements in a Major Phase or Sub-Phase will be deemed an Event of Default for all future Major Phases for which there has not been a Major Phase Approval and all Sub-Phases for which there has not been a Sub-Phase Approval; , provided, that this sentence shall not apply to a Major Phase or Sub-Phase that has been assigned Transferred to a Third Party pursuant to an Assignment and Assumption Agreement that was Approved by the Agency Authority Director. Nothing in this Article 16 shall be deemed to supersede or preclude the rights and remedies of the City or the Agency Authority to require compliance with any Approval, Authorization, or other entitlement granted for the development or use of the Major Phase, Sub- Phase or Vertical Improvement, which rights and remedies shall be in addition to the rights and remedies under this Article 16.

Independence of Major Phases, Sub-Phases and Vertical Improvements. Subject to the Agency’s termination rights as set forth in Sections 3.6.1, 3.6.2, 16.3.3 and 16.4, the Parties expressly recognize and agree that (i) an Event of Default as to one Sub-Phase shall not by itself be the basis for an Event of Default for other Sub-Phases for which Developer or an Affiliate of Developer has obtained a Sub-Phase Approval, and (ii) an Event of Default for a Vertical Developer shall not be an Event of Default for Developer, an Affiliate of Developer or other Vertical Developers. Notwithstanding the foregoing, an Event of Default pertaining to the failure to Commence or to Complete Infrastructure in a Major Phase or Sub-Phase will be deemed an Event of Default for all future Major Phases for which there has not been a Major Phase Approval and all Sub-Phases for which there has not been a Sub-Phase Approval; provided, that this sentence shall not apply to a Major Phase or Sub-Phase that has been assigned to a Third Party pursuant to an Assignment and Assumption Agreement that was Approved by the Agency Director. Nothing in this Article 16 shall be deemed to supersede or preclude the rights and remedies of the City or the Agency to require compliance with any Approval, Authorization, or other entitlement granted for the development or use of the Major Phase, Sub- Sub-Phase or Vertical Improvement, which rights and remedies shall be in addition to the rights and remedies under this Article 16.